Renard Diamond Mine Assets to be Sold
July 01, 25
(IDEX Online) - Machinery and other assets from the mothballed Renard diamond mine, in Canada, are to be sold, as hopes fade that the site will transition to lithium mining.
Winsome Resources, an Australian miner, agreed a CAD 52m (USD 38.5m) deal to acquire the site after former owners Stornoway filed for bankruptcy and laid off most of its workforce in October 2023.
It planned to repurpose the Renard site to process lithium from its nearby Adina Lithium project, aiming to capitalize on the growing demand for lithium used in batteries for electric vehicles and electronic devices
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But Winsome has now indicated that it's unlikely to exercise its option one Renard the current terms by the August deadline, unless market conditions improve.
TCL Asset Group Inc., a Canadian asset management company, is handling the liquidation of surplus machinery, equipment, and infrastructure related to underground operations and diamond recovery at Renard.
"This sale is a highly significant event for the underground mining industry, particularly for those involved in the diamond recovery process, as assets related to this final stage of production rarely become available on the open market," said Terrance Jacobs, CEO at TCL, in a statement.
The Renard mine was placed in care and maintenance in March 2025. Deloitte Restructuring Inc. is the court-appointed monitor for Stornoway's CCAA proceedings (Canada's Companies' Creditors Arrangement Act).
Pic courtesy Stornoway shows Renard diamond mine.